Spreitenbach: Green light for large-scale Tivoli Garden project
The Tivoli Garten development can be realized. The municipality of Spreitenbach has granted Migros Aaare and two Credit Suisse funds the overall building permit.
The major Tivoli Garten project in Spreitenbach will see the construction of more than 400 rental apartments, an Obi DIY store, service, commercial and restaurant space as well as a kindergarten and a stop on the Limmattalbahn.
The Migros Aare Cooperative and the Tivoli Garten co-ownership (MEG), which consists of two Credit Suisse Asset Management real estate funds, planned the project together. With the legally binding building permit and transfer of ownership, ownership of the project has now been transferred to MEG Tivoli Garten.
Credit Suisse Asset Management is acting as developer on behalf of the co-ownership. Eiffage Suisse has been commissioned with the realization of the project. Construction is scheduled to start at the beginning of 2020, with completion of the entire development planned for mid-2024.
The project had been delayed for years due to a legal dispute over the size of the perimeter for the necessary environmental impact report. In the view of the VCS, Migros Aare, as the project developer, planned too many parking spaces and took the matter all the way to the Federal Supreme Court. With success: the municipality of Spreitenbach had to reissue the design plan and the environmental impact assessment for the construction project. (ah)
